non-canceable lease

[mctex]

What is the name of your state? Texas
I was the owner of a small business that was not supporting itself and I sold the business, I had a credit card terminal that i was making monthly payments on, i contacted the company and they gave me the info to ship the terminal back to. this was in january 2005, now they have turned me into some collection agency that is saying I owe them 2x the amount that the lease would have been if i would have kept it. he is threatening to take me to court and file stuff on my husbands credit report even though his name wasn't on the contract or the business. what are my options? we don't have the money and our credit is already terrible. the lease company goes by illinois laws.

 

[djohnson]

What does your contract say about cancellation? Is it for a specific amount of time?

 

[mctex]

it says that it is non canceable, even if i die, my heirs are responsible for the remaining portion, the original lease was for 48 mths and i returned it after 8

 

[djohnson]

Ok, you have a contract that can't be canceled, and if you die your estate would still be responsible. You have 40 months left of your 48 month lease that you are still responsible for. I figure they want that money plus collection costs. You owe it.

 

[Some Random Guy]

Who is on the lease? Yourself or the business? is the business incorporated? Did you sell the business or just its assets? Is there any personal guarantee in addition to company liability?